$813 million: MCPHS Drives Significant Boost to Massachusetts Economy
The University provides thousands of jobs and generates millions in tax revenue for the state.
Despite having an enrollment several times smaller than that of the largest institutions of higher education in the Boston area, Massachusetts College of Pharmacy and Health Sciences (MCPHS) has a significant impact on the region.
An annual report commissioned by the Association of Independent Colleges and Universities in Massachusetts, of which MCPHS is a member, has revealed the University adds $813 million to the Massachusetts economy and supports more than 4,000 jobs across the region in healthcare professions and the rapidly growing life sciences industry.
MCPHS Generates Outsized Impacts in Massachusetts
An economic impact of more than $800 million and thousands of jobs are just two ways MCPHS contributes positively to the Massachusetts economy.
$813 MillionECONOMIC IMPACT
In Massachusetts and throughout the wider region, the numbers show how MCPHS is contributing to the economy.
The University has created more than 4,000 jobs in Massachusetts alone.
$34 MillionTax Revenue Generated
Tax revenue from MCPHS supports essential public services.
According to the U.S. Department of Education Scorecard, the median salary for an MCPHS graduate 10 years after enrolling is $124,126. And the University’s activity helps to boost local economies across Massachusetts.
The life sciences industry in New England is projected to add tens of thousands of workers in the coming years. MCPHS is already preparing to support the need for skilled talent through the creation of a new Center for Life Sciences, which connects with external partners and coordinates life sciences initiatives across the University. Additionally, a $630,000 grant from the Massachusetts Life Sciences Center has allowed the University to invest in cutting-edge equipment to train students to succeed in life sciences careers, contributing further to the regional economy.
MCPHS President Richard J. Lessard credits the University’s strong sense of community with its continued positive impact.
"Creating a shared vision for the future is one of the biggest challenges of any organization and ours is no different,” President Lessard said. “We have collectively, and painstakingly, withstood the many challenges that this pandemic has delivered. Our unwavering approach to supporting each other should give us a tremendous sense of pride and accomplishment.”
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